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TODAY'S OTHER NEWS

Countrywide working on pilot to ‘transform mortgage process”

It’s been revealed that Countrywide is involved in a pilot exercise to help the creation of a so-called ‘affordability hub’ for prospective buyers.

Countrywide is feeding information on properties and the agency group’s financial services clients into the hub being created by PropTech firm Mortgage Brain.

The data will then in turn be sent to mortgage lenders Accord, Bank of Ireland, Barclays, Hinkley & Rugby, Halifax, HSBC, M&S, Nationwide, NatWest, Post Office, Precise, Principality, Santander, Scottish Widow, TSB, and Virgin.

The results will be collated and presented graphically and in a table format to include the maximum lending amount based on either the property or customer circumstances or both.  

A screenshot of the lender’s results is retained providing a comprehensive compliance record to support the advice given.

Affordability Hub says this will show the amount that participating lenders are prepared to lend rather than just the agreement from one lender to the specific amount requested.

Mortgage Brain chief executive Mark Lofthouse says: “This pilot marks an important stage in Mortgage Brain’s drive to digitally enhance the mortgage process and transform sourcing. It is anticipated that by the end of the pilot at least 30 lenders will be included on Affordability Hub and that further phases will see more partners piloting the platform. “

And Peter Curran, managing director of Countrywide’s financial services division, adds: “The addition of Affordability Hub into our portfolio will transform the mortgage process, placing more information in the hands of our advisers faster than ever so we are pleased to be able to support the pilot. “

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